Spend it or save it? That’s the dilemma facing millions of Americans who have received or are expecting a federal income tax refund. And millions of those will receive the economic-stimulus rebate starting in May.

According to an AP-AOL Money & Finance poll, one in five recipients plan to spend their tax refund on everything from everyday needs to shopping sprees and vacations. Makes sense to me that they’ll probably be in a spending mood when their stimulus check arrives as well.

Is your store going to be on the receiving end? If you already lured customers in with their tax refunds, you should be well-prepared to do the same with their rebates. Study what the larger retailers are planning to do, as this Boston Globe article describes. Offer discounts on “green” merchandise or donate a portion of the purchase price to a “green” organization they select from a list you provide.

I like what Sears and Kmart are doing, and there’s no reason you can’t do it if you’re set up for gift cards: Add another 10 percent or so the card’s value, or issue a second card to the purchaser for that percentage. Why not? Everyone loves free money and it won’t cost you much to give some away with this method.

Think about what you’re doing with your refund/rebate. Figure out a creative way to get some retail mileage out of it, and then try that tactic at your store. With millions of retailers looking for ways to snare millions of consumers who aren’t planning to save their refund/rebate, you better grab them before your competition does.